Understanding Real World Financial Reports

Understanding Real World Financial Reports

In this paper I will be discussing the objectives of the Governmental Accounting Standards Board (GASB) and the Financial Accounting Standards Board (FASB). The GASB was organized to establish standards of financial accounting and reporting for state and local government entities. The FASB was organized to establish standards of financial accounting and reporting for the private sector. (www. gasb.org)

The mission of both boards is to establish and improve standards of financial accounting and reporting that will result in useful information for users of financial reports, and to guide and educate the public, including ...